AMA: Physicians Inject $1.6 Trillion Into Economy
In 2012, the more than 720,000 U.S. physicians generated $1.6 trillion in direct and indirect economic benefits, according to an economic impact report from the American Medical Association.
The AMA and IMS Health, the private firm who prepared the report, came to those figures by calculating the benefits of jobs, wages, benefits and tax revenue through various economic multipliers. For example, the jobs multiplier looked at how many direct and indirect full-time jobs were supported through physician activities.
Here are some of the key findings from the AMA's report:
• Physicians generated $1.6 trillion in economic output, which equated to an average of $2.2 million per physician.
• The total number of jobs directly and indirectly created by physicians (including their own) was more than 9.9 million.
• The value of the wages and benefits stemming from physicians and their activities amounted to $775.5 billion, or $1.1 million per physician.
• The tax revenues created by physicians and those in affected industries totaled $65.8 billion in 2012.
More Articles on Healthcare and the Economy:
Report: Healthcare Expense Growth Hits Record High
5 Factors That Influence Healthcare Spending Growth
8 Key Hospital Statistics from the Newly Released 2012 Economic Census
© Copyright ASC COMMUNICATIONS 2017. Interested in LINKING to or REPRINTING this content? View our policies by clicking here.